Corporate credit risk prediction under stochastic volatility and jumps

This paper examines the impact of allowing for stochastic volatility and jumps (SVJ) in a structural model on corporate credit risk prediction. The results from a simulation study verify the better performance of the SVJ model compared with the commonly used Merton model, and three sources are provided to explain the superiority. The empirical analysis on two real samples further ascertains the importance of recognizing the stochastic volatility and jumps by showing that the SVJ model decreases bias in spread prediction from the Merton model, and better explains the time variation in actual CDS spreads. The improvements are found particularly apparent in small firms or when the market is turbulent such as the recent financial crisis.

Surface plasmon-enhanced zeolite catalysis under light irradiation and its correlation with molecular polarity of reactants

Enhanced catalytic performance of zeoltes via the plasmonic effect of gold nanoparticles has been discovered to be closely correlated with the molecular polarity of reactants. The intensified polarised electrostatic field of Na+ in NaY plays a critical role in stretching the C=O bond of aldehydes to improve the reaction rate.

A constitutive model for mechanical response characterization of pumpkin peel and flesh tissues under tensile and compressive loadings

Enhancing quality of food products and reducing volume of waste during mechanical operations of food industry requires a comprehensive knowledge of material response under loadings. While research has focused on mechanical response of food material, the volume of waste after harvesting and during processing stages is still considerably high in both developing and developed countries. This research aims to develop and evaluate a constitutive model of mechanical response of tough skinned vegetables under postharvest and processing operations. The model focuses on both tensile and compressive properties of pumpkin flesh and peel tissues where the behaviours of these tissues vary depending on various factors such as rheological response and cellular structure. Both elastic and plastic response of tissue were considered in the modelling process and finite elasticity combined with pseudo elasticity theory was applied to generate the model. The outcomes were then validated using the published results of experimental work on pumpkin flesh and peel under uniaxial tensile and compression. The constitutive coefficients for peel under tensile test was α = 25.66 and β = −18.48 Mpa and for flesh α = −5.29 and β = 5.27 Mpa. under compression the constitutive coefficients were α = 4.74 and β = −1.71 Mpa for peel and α = 0.76 and β = −1.86 Mpa for flesh samples. Constitutive curves predicted the values of force precisely and close to the experimental values. The curves were fit for whole stress versus strain curve as well as a section of curve up to bio yield point. The modelling outputs had presented good agreement with the empirical values and the constructive curves exhibited a very similar pattern to the experimental curves. The presented constitutive model can be applied next to other agricultural materials under loading in future.

Numerical studies on CFRP strengthened steel columns under transverse impact

Strengthening of metallic structures using carbon fibre reinforced polymer (CFRP) has become a smart strengthening option over the conventional strengthening method. Transverse impact loading due to accidental vehicular collision can lead to the failure of existing steel hollow tubular columns. However, knowledge is very limited on the behaviour of CFRP strengthened steel members under dynamic impact loading condition. This paper deals with the numerical simulation of CFRP strengthened square hollow section (SHS) steel columns under transverse impact loading to predict the behaviour and failure modes. The transverse impact loading is simulated using finite element (FE) analysis based on numerical approach. The accuracy of the FE modelling is ensured by comparing the predicted results with available experimental tests. The effects of impact velocity, impact mass, support condition, axial loading and CFRP thickness are examined through detail parametric study. The impact simulation results indicate that the strengthening technique shows an improved impact resistance capacity by reducing lateral displacement of the strengthened column about 58% compared to the bare steel column. Axial loading plays an important role on the failure behaviour of tubular column.

Durability performance of carbon fibre-reinforced polymer strengthened circular hollow steel members under cold weather

The use of circular hollow steel members has attracted a great deal of attention during past few years because of having excellent structural properties, aesthetic appearance, corrosion and fire protection capability. However, no one can deny the structural deficiency of such structures due to reduction of strength when they are exposed to severe environmental conditions such as marine environment, cold and hot weather. Hence strengthening and retrofitting of structural steel members is now very imperative. This paper presents the findings of a research program that was conducted to study the bond durability of carbon fibre-reinforced polymer (CFRP) strengthened steel tubular members under cold weather and tested under four-point bending. Six number of CFRP-strengthened specimens and one unstrengthened specimen were considered in this program. The three specimens having sand blasted surface to be strengthened was pre-treated with MBrace primer and other three were remained untreated and then cured under ambient temperature at least four weeks and cold weather (3 C) for three and six months period of time. Quasi-static tests were then performed on beams to failure under four-point bending. The structural response of each specimen was predicted in terms of failure load, mid-span deflection, composite beam behaviour and failure mode. The research outcomes show that the cold weather immersion had an adverse effect on durability of CFRP-strengthened steel structures. Moreover, the epoxy based adhesion promoter was found to enhance the bond durability in plastic range. The analytical models presented in this study were found to be in good agreement in terms of predicting ultimate load and deflection. Finally, design factors are proposed to address the short-terms durability performance under cold weather.

When can a tenancy be terminated under s 129 of the Property Law Act 1974 (Qld)?

This article reviews the nature and purpose of s 129 of the Property Law Act 1974 (Qld) whose application has given rise to some confusion in the past, particularly where the lessee against whom it is being used is also in breach of the lease at the time of receiving the notice. The article explores the historical origins of the section, firstly in New South Wales where it was enacted in 1930, and attempts to outline modern circumstances where it may be applied or particularly applied in Queensland.

Finite element analysis of CFRP strengthened steel hollow sections under tension

This paper presents a nonlinear finite element (FE) model for the analysis of very high strength (VHS) steel hollow sections wrapped by high modulus carbon fibre rein forced polymer (CFRP) sheets. The bond strength of CFRP wrapped VHS circular steel hollow section under tension is investigated using the FE model. The three dimensional FE model by Nonlinear static analysis has been carried out by Strand 7 finite element software. The model is validated by the experimental data obtained from Fawzia et al [1]. A detail parametric study has been performed to examine the effect of number of CFRP layers, different diameters of VHS steel tube and different bond lengths of CFRP sheet. The analytical model developed by Fawzia et al. [1] has been used to determine the load carrying capacity of different diameters of CFRP strengthened VHS steel tube by using the capacity from each layer of CFRP sheet. The results from FE model have found in reasonable agreement with the analytical model developed by Fawzia et al [1]. This validation was necessary because the analytical model by Fawzia et al [1] was developed by using only one diameter of VHS steel tube and fixed (five) number of CFRP layers. It can be concluded that the developed analytical model is valid for CFRP strengthened VHS steel tubes with diameter range of 38mm to 100mm and CFRP layer range of 3 to 5 layers. Based on the results it can also be concluded that the effective bond length is consistent for different diameters of steel tubes and different layers of CFRP. Three layers of CFRP is considered most effective wrapping scheme due to the cost effectiveness. Finally the distribution of longitudinal and hoop stress has been determined by the finite element model for different diameters of CFRP strengthened VHS steel tube.

Soil–pile interaction of pile embedded in deep-layered marine sediment under seismic excitation

This paper investigates the soil–pile interaction of a pile embedded in a deep multi-layered soil under seismic excitation considering both kinematic and inertial interaction effects. A comprehensive three-dimensional finite element model is developed and validated using existing results in the literature. The response of the pile in the deep multi-layered soil profile is investigated with respect to pile head response, deflection modes and maximum deflections along the pile. Results show that the pile exhibits complex deflection patterns and that the pile response is influenced by the properties of both the soil profile and the seismic excitation. It is also evident that kinematic interaction effects have a greater influence on the pile response than the inertial interaction effects.

Finite element modeling of carbon fibre reinforced polymer (CFRP) strengthened steel tubes under axial impact

Steel hollow sections used in structures such as bridges, buildings and space structures involve different strengthening techniques according to their structural purpose and shape of the structural member. One such technique is external bonding of CFRP sheets to steel tubes. The performance of CFRP strengthening for steel structures has been proven under static loading while limited studies have been conducted on their behaviour under impact loading. In this study, a comprehensive numerical investigation is carried out to evaluate the response of CFRP strengthened steel tubes under dynamic axial impact loading. Impact force, axial deformation impact velocities are studied. The results of the numerical investigations are validated by experimental results. Based on the developed finite element (FE) model several output parameters are discussed. The results show that CFRP wrapping is an effective strengthening technique to increase the axial dynamic load bearing capacity by increasing the stiffness of the steel tube.

Dynamic simulation of CFRP strengthened steel column under impact loading

Carbon fibre reinforced polymer (CFRP) strengthening of metallic structures under static loading has shown great potential in the recent years. However, steel structures are often experienced natural (e.g. earthquake, wind) as well as man-made (e.g. vehicular impact, blast) dynamic loading. Therefore, there is a growing interest among the researchers to investigate the capability of CFRP strengthened members under such dynamic conditions. This study focuses on the finite element (FE) numerical modelling and simulation of CFRP strengthened steel column under transverse impact loading to predict the behaviour and failure modes. Impact simulation process and the CFRP strengthened steel column are validated with the existing experimental results in literature. The validated FE model of CFRP strengthened steel column is then further used to investigate the effects of transverse impact loading on its structural performance. The results are presented in terms of transvers e impact force, lateral and axial displacement, and deformed shape to evaluate the effectiveness of CFRP strengthening technique. Comparisons between the bare steel and CFRP strengthened steel columns clearly indicate the performance enhancement of strengthened column under transverse impact loading.

Durability study of CFRP strengthened steel circular hollow section members under marine environment

Galvanic corrosion is a common phenomenon in Carbon Fibre Reinforced Polymer (CFRP) strengthened steel structures in wet environments and submerged conditions, which reduces durability by weakening the bond between the CFRP and steel substrate. CFRP materials have already been proven to have superior resistance to corrosion and chemical attacks but the adhesive and steel are generally affected by long-term exposure to moisture, especially in conjunction with salts resulting from deicing of ocean spray. This paper presents the results of a research program to improve the durability of CFRP strengthened steel circular hollow section (CHS) members by treating the steel surface with an epoxy based adhesion promoter and inserting Glass Fibre Reinforced Polymer (GFRP) as a galvanic corrosion barrier against simulated sea water. It also presents the effects of accelerated corrosion on the bond of CFRP strengthened hollow steel members. The program consisted of four CFRP strengthened steel beams and one unstrengthened steel beam. Two strengthened beams were used as control while the other two beams were exposed to a highly corrosive environment to induce accelerated corrosion. The corrosion rate was considered 10% which represents a moderate level of loss in the cross-sectional area of the steel tube throughout its intended service life. The beams were then loaded to failure under four-point bending. The research findings indicate that the accelerated corrosion adversely affected the ultimate strength of the conditioned beams and the embedded glass fibre enhanced the bond durability.

Analyzing busway station potential capacity under mixed stopping and non-stopping operation

Busway stations are the interface between passengers and services. The station is crucial to line operation as it is typically the only location where buses can pass each other. Congestion may occur here when buses manoeuvring into and out of the platform lane interfere with bus flow, or when a queue of buses forms upstream of the platform lane blocking the passing lane. Further, some systems include operation where express buses do not observe the station, resulting in a proportion of non-stopping buses. It is important to understand the operation of the station under this type of operation and its effect on busway capacity. This study uses microscopic simulation to treat the busway station operation and to analyse the relationship between station potential capacity where all buses stop, and Mixed Potential Capacity where there is a mixture of stopping and non-stopping buses. First, the micro simulation technique is used to analyze the All Stopping Buses (ASB) scenario and then statistical model is tuned and calibrated for a specified range of controlled scenarios of dwell time characteristics Subsequently, a mathematical model is developed for Mixed Stopping Buses (MSB) Potential Capacity by introducing different proportions of express (or non-stopping) buses. The proposed models for a busway station bus capacity provide a better understanding of operation and are useful to transit agencies in busway planning, design and operation.

Analysing busway station capacity under mixed stopping and non-stopping operation

Busway stations are the interface between passengers and services. The station is crucial to line operation as it is typically the only location where buses can pass each other. Congestion may occur here when buses manoeuvring into and out of the platform lane interfere with bus flow, or when a queue of buses forms upstream of the platform lane blocking the passing lane. Further, some systems include operation where express buses do not observe the station, resulting in a proportion of non-stopping buses. It is important to understand the operation of the station under this type of operation and its effect on busway capacity. This study uses microscopic simulation to treat the busway station operation and to analyse the relationship between station potential capacity where all buses stop, and Mixed Potential Capacity where there is a mixture of stopping and non-stopping buses. First, the micro simulation technique is used to analyze the All Stopping Buses (ASB) scenario and then statistical model is tuned and calibrated for a specified range of controlled scenarios of dwell time characteristics Subsequently, a mathematical model is developed for Mixed Stopping Buses (MSB) Potential Capacity by introducing different proportions of express (or non-stopping) buses. The proposed models for a busway station bus capacity provide a better understanding of operation and are useful to transit agencies in busway planning, design and operation.

Synthesis of imines from amines in aliphatic alcohols on Pd/ZrO2 catalyst under ambient conditions

Synthesis of imines from amines and aliphatic alcohols (C1–C6) in the presence of base on supported palladium nanoparticles has been achieved for the first time. The catalytic system shows high activity and selectivity in open air at room temperature. As an example of the isostructural Ln3Sb3Co2O14 (Ln: La, Pr, Nd, Sm—Ho) series with an ordered pyrochlore structure, the La variant is prepared by a citrate complex method employing stoichiometric amounts of La(NO3)3, Co(NO3)2, and Sb tartrate together with citric acid with a metal/citrate molar ratio of 1:2